Lafarge Jordan Cement to pay US0.91 cash dividend

Shareholders in Lafarge Cement Jordan, the country’s leading cement producer, approved on Monday a cash dividend for 2009 of 650 fils (US$91/share).

The total dividend payout amounts to JOD39m from the company’s total JOD46.320m of net profit in 2009, comprising a six per cent drop in the previous year.

Lafarge Cement Jordan’s sales have been hit by the entry of new Saudi competitors and weaker domestic demand as the company feels the impact of the global economic downturn, the company said.

“The entry of new producers in the second half of last year is one of the challenges we face and we hope the competition they bring to the market will be fair,” Abdel Ilah Al Khatib, Lafarge Jordan Cement chairman told shareholders at the firm’s AGM on Monday.